Brazil Logs US$33.3 Billion Net FX Outflow in 2025, Worst Since 2019

Preliminary central bank figures attribute the deficit to heavy financial outflows that outpaced a slimmer trade cushion.

Overview

The financial account posted a US$82.467 billion outflow in 2025, the second-largest in the series since 1982 and smaller only than 2024’s US$87.595 billion.
The commercial balance showed a US$49.151 billion surplus, down from US$69 billion in 2024 as higher imports squeezed net trade inflows.
Contracted imports reached about US$238 billion in 2025, the second-highest on record, contributing to the weaker commercial surplus.
December recorded a net outflow of US$13.562 billion, roughly half the December 2024 figure, with analysts citing dividend remittances ahead of 2026 rules as a key driver.
Despite the overall outflow, the real appreciated about 11.1% on the PTAX in 2025, supported by high domestic interest rates and a softer dollar abroad, while the central bank made only two US$1 billion spot sales via the 'casadão' operation.